Seaborne iron ore prices surged above $80 per tonne on Wednesday January 30 amid market bullishness after Vale announced production cuts of 40 million tonnes per year due to the decommissioning of all its upstream tailings dams in Brazil.MB 62% Fe Iron Ore Index: $82.53 per tonne cfr Qingdao, up $3.84 per tonne. MB 62% Fe Pilbara Blend Fines Index: $83.37 per tonne cfr Qingdao, up $3.84 per tonne....Read More
China's hot-rolled coil prices spiked on Wednesday January 30 despite sellers winding down ahead of the Chinese New Year break, with developments in the iron ore market providing some upward momentum.DomesticEastern China (Shanghai): 3,780-3,800 yuan ($561-564) per tonne, up 40-50 yuan per tonneNorthern China (Tianjin): 3,720-3,740 yuan per tonne, up 30 yuan per tonnePrices rose during the day wit...Read More
China's rebar prices remained stable on Wednesday January 30 in both the domestic and export markets, while there were significant changes in the futures market.Domestic Eastern China (Shanghai): 3,710-3,750 yuan ($551-556) per tonne, unchanged Northern China (Beijing): 3,700-3,740 yuan per tonne, unchangedRebar futures rose to a high of 3,767 yuan per tonne soon after opening on W...Read More
Prices for steel billet in Asia are likely to come under greater pressure in 2019 with demand for it as well as downstream long steel products expected to stay subdued amid an impending surge in new supply, sources told Fastmarkets MB."Regional demand is weak, so there is not enough room for everyone," a Vietnam-based trader said, referring to a string of new billet production capacity set to come...Read More
A lack of new business kept the prices of hollow steel sections in Europe unchanged on Wednesday January 30 although market sentiment has been mixed, participants told Fastmarkets MB.Fastmarkets MB's domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week at ?,?630-640 ($720-731) per tonne delivered on Wednesday.This week m...Read More
Tata Steel Europe has restarted its blast furnace (BF) No 5 at the Port Talbot mill in the UK following the facility's upgrade that began in September last year, the company said on January 29.BF No 5 is one of two operational blast furnaces at the 3 million tonnes-per-year capacity Port Talbot site."The life extension project of BF No 5 cost tens of millions of pounds and is a critical part of Ta...Read More
The failure of a tailing dam in Vale's C??rrego do Feij??o mine in Brazil's southeastern Minas Gerais state could hamper the mining licensing process and is already affecting iron ore prices, analysts said.Iron ore spot prices and futures have come under pressure following the accident.Fastmarkets' MB 62% Fe iron ore index went up by $3.49 per tonne to $78.18 per tonne cfr Qingdao on Monday, up da...Read More
The Brazilian miner Vale had 11 billion Reais ($2.91 billion) blocked by local judges following the rupture and flood at one of its tailings dams at the C??rrego do Feij??o mine, while the company is also already subject to fines of up to 349 million Reais.Three separate rulings in the Brazilian state of Minas Gerais over the weekend accepted complaints from the state's administration and prosecut...Read More
Nickel closed higher on the London Metal Exchange on Wednesday January 30 after peaking at an intraday high of $12,455 per tonne, its highest since October. Low stocks and robust demand from stainless steel and nickel pig iron (NPI) production, predominantly in China and Indonesia, are underpinning the upward trend in the three-month price, which is now more 15% higher than its 2018 low of $10,500...Read More
Nickel premiums in all regions assessed by Fastmarkets were stable week on week on Tuesday January 29 in quiet trading conditions relating to macroeconomic uncertainty as well as market participants retreating for Lunar New Year. All European premiums remain unchanged in an illiquid market US cut-cathodes outperform briquettes amid slow trade Shanghai sees no change for six weeks, pre...Read More
The disaster caused by Vale's dam rupturing in the Brazilian state of Minas Gerais has no connection to the issue surrounding Norsk Hydro's alumina refinery Alunorte and will probably not stall its return to 100% capacity, market observers told Fastmarkets during the week.Norwegian aluminium group Hydro is waiting for approval from the federal justice in Brazil to increase output at Alunorte. Two...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday January 30 that are worth another look.Brazilian iron ore pellet producer Samarco and its creditors have not reached a debt restructuring agreement by the end of a scheduled deadline, according to documents disclosed by the company on Tuesday January 29. Eastman Kodak Co was granted 40 exclusions to the United States...Read More
Roland Harings will take up the role of chief executive officer of German copper giant Aurubis in July 2019, the company said on Wednesday January 30.Harings will succeed current CEO J? 1/4 rgen Schachler in overseeing the business of Europe's largest copper producer.Since 2014, Harings has been CEO of Mansfelder Kupfer & Messing (MKM), a major European producer of semi-finished products of copper...Read More
Fresh reports are emerging of traders taking positions in the manganese ore market, sparking reminders of speculation-led rallies that occurred in previous years. Position trading refers to buying up larger than normal cargoes of manganese ore on expectations of making profit from a resultant price rise. It is a tactic that has not been seen for some time because opportunities have been limited du...Read More
Prices for steel billet in Asia are likely to come under greater pressure in 2019 with demand for it as well as downstream long steel products expected to stay subdued amid an impending surge in new supply, sources told Fastmarkets MB."Regional demand is weak, so there is not enough room for everyone," a Vietnam-based trader said, referring to a string of new billet production capacity set to come...Read More
Nickel closed higher on the London Metal Exchange on Wednesday January 30 after peaking at an intraday high of $12,455 per tonne, its highest since October. Low stocks and robust demand from stainless steel and nickel pig iron (NPI) production, predominantly in China and Indonesia, are underpinning the upward trend in the three-month price, which is now more 15% higher than its 2018 low of $10,500...Read More
The European tin premium dropped by $35 on the midpoint in the week ended Tuesday January 29 following a 1,000 tonne delivery to London Metal Exchange sheds, while other regional premiums were unchanged week on week in quiet markets. Premium for standard grade tin ingot, in-warehouse Rotterdam, falls 7.4% Adequate supply keeps US premiums unchanged Shanghai premium flat in quiet, pre-...Read More
Nickel's three-month price on the London Metal Exchange continued its strong performance during morning trading on Wednesday January 30, moving past $12,300 per tonne for the first time since October 2018 amid a continued drawdown in LME supply. The metal's three-month price is up more than 15% from its 2018 low of $10,500 per tonne on December 31, while total LME inventory remains at its lowest l...Read More
A lack of new business kept the prices of hollow steel sections in Europe unchanged on Wednesday January 30 although market sentiment has been mixed, participants told Fastmarkets MB.Fastmarkets MB's domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week at ?,?630-640 ($720-731) per tonne delivered on Wednesday.This week m...Read More